The Securities Marketplace - Other Types Of Orders
There are several other types of orders that an investor may enter. They are:
- All or none (AON)
- Immediate or Cancel (IOC)
- Fill or Kill (FOK)
- Not Held (NH)
- Market on Open / Market on Close
All or None Orders: May be entered as day orders or GTC. All or none orders, as the name implies indicates that the investor wants to buy or sell all of the securities or none of them. All or none orders are not displayed in the market because the required special handling and the investor will not accept a partial execution.
Immediate or Cancel Orders: The investor wants to buy or sell whatever they can immediately and whatever is not filled is canceled.
Fill or Kill Orders: The investor wants the entire order executed immediately or the entire order canceled.
Not Held Orders: The investor gives discretion to the floor broker as to the time and price of execution.
Market on Open / Market on Close Orders: The investor wants their order executed on the opening or closing of the market or as reasonably close to the opening or closing as practical. If the order is not executed, it is canceled. Partial executions are allowed.
All or none orders and fill or kill orders are no longer used on the NYSE.The Exchanges